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Business Recorder
05-07-2025
- Business
- Business Recorder
PSX: new milestone achieved
KARACHI: The Pakistan Stock Exchange (PSX) extended its bullish momentum on Friday, registering a fresh all-time high as investor confidence surged on the back of a strengthening rupee, rising foreign exchange reserves, and anticipation of upcoming corporate earnings. The benchmark KSE-100 Index gained a substantial 1,262 points, or 0.97 percent, to close at 131,949.07 points, setting a new historical record. The market opened on a positive note and maintained steady gains throughout the session, with the index touching an intraday high of 132,129.60 points before closing just below that mark. On Friday, BRIndex100 gained 98.02 points or 0.73 percent to close at 13,435.90 points with total volume clocking in at 572.73 million shares. Meanwhile, BRIndex30 increased by 109.79 points or 0.28 percent to settle at 39,417.33 points with total traded volume amounting to 315.68 million shares. According to Ahsan Mehanti, Director at Arif Habib Corporation, stocks closed bullish at a new all-time high as investors weighed rupee recovery and country's foreign exchange reserves reaching $19.87 billion amid improved inflows and growing political stability. Falling government bond yields and speculative interest ahead of major earnings announcements next week played a catalyst role in driving the market to record levels, he added. In terms of volumes, activity slowed down compared to the previous session. Total ready market turnover stood at 733.07 million shares, down from 899.84 million shares traded a day earlier. The traded value also declined to Rs 34.94 billion from Rs 43.25 billion on Thursday. However, Market capitalization witnessed a notable rise, climbing from Rs 15.767 trillion to Rs 15.910 trillion, reflecting a substantial gain of Rs 143 billion in a single session. Sector and stock-specific activity remained vibrant, with WorldCall Telecom leading the volumes chart by trading 58.25 million shares, closing at Rs 1.55. Bank Makramah followed with a turnover of 35.80 million shares, closing at Rs 5.12. Treet Corporation also saw robust interest, closing at Rs 23.93 on a volume of 29.71 million shares. In the gainers' category, PIA Holding Company again posted a massive gain of Rs 2,151.83, closing at Rs 23,670.14 per share. Unilever Pakistan Foods Limited also added Rs 46.99 to finish at Rs 23,646.99. On the other hand the major looser were Bhanero Textile Mills shedding Rs 32.82 to close at Rs 887.69 and Supernet Technologies Limited falling by Rs 23.40 to end at Rs 801.89. Overall, the market breadth remained positive, with 255 companies posting gains against 177 losers, while 41 remained unchanged out of 473 total traded companies in the ready market. The BR Automobile Assembler Index settled at 21,501.66 points, posting a gain of 419.02 points or 1.99 percent, with a total turnover of 11.53 million shares. The BR Cement Index closed at 10,594.14 points after adding 26.71 points or 0.25 percent, with total traded volume recorded at 15.38 million shares. The BR Commercial Banks Index posted a strong performance, rising by 1,219.51 points or 3.35 percent to finish at 37,627.87 points, accompanied by a healthy turnover of 103.84 million shares. The BR Power Generation and Distribution Index also ended higher by 76.94 points or 0.37 percent to close at 21,048.46 points, with a total volume of 13.38 million shares. On the other hand, the BR Oil and Gas Index declined by 79.56 points or 0.64 percent, settling at 12,279.27 points on a turnover of 39.92 million shares. Meanwhile, the BR Technology and Communication Index performed notably well, gaining 82.76 points or 2.77 percent up to close at 3,067.38, with total traded volume amounting to 121.30 million shares. Topline Securities in its commentary pointed out that the positivity in the market can be attributed to buying by institution on new allocation towards equity fund as indicated by National Clearing Company data. While, JS Global observed that broad-based buying dominated the session, with autos, banks, and power sectors leading the rally. The brokerage noted that investor sentiment stayed upbeat, driven by improving macroeconomic indicators and expectations of further monetary easing. Looking ahead, JS Global maintained a positive outlook for the market in the near term, citing supportive liquidity conditions, encouraging policy signals, and a resurgence of foreign interest in key sectors. However, it cautioned that intermittent consolidation phases could emerge as the benchmark index approaches technical resistance levels. Copyright Business Recorder, 2025
Business Recorder
25-06-2025
- Business
- Business Recorder
Historic milestone achieved
KARACHI: In a landmark trading session on Tuesday, the Pakistan Stock Exchange (PSX) surged to record high, driven largely by investor optimism following a ceasefire agreement between Iran and Israel. The benchmark KSE-100 Index rose significantly 6,079 points or 5.23 percent, settling at record level of 122,246 points. This marks the second-highest single-day increase in terms of points. The index opened in the green and remained in positive territory throughout the day, fluctuating between an intraday high of 122,725.21 points and a low of 120,369.54 points. On Tuesday, BRIndex100 closed at 12,461.11 points, gaining 687.06 points or 5.84 percent, with a total volume of 627.23 million shares. On the other hand, BRIndex30 surged by 2,769.72 points or 7.92 percent to close at 37,744.13, with a total volume of 423.25 million shares. Analysts noted that the easing geopolitical tensions revived confidence in Pakistan's capital market, which had been bracing for potential fallout through disrupted trade routes and spiking oil prices. Market analyst Ahsan Mehanti of Arif Habib Corporation noted that the ceasefire played a pivotal role in triggering today's euphoric rally. 'The agreement between Iran and Israel acted as a strong catalyst, as investors rushed to capitalize on undervalued positions following receding fears over supply chain disruptions and inflationary pressures linked to Middle East tensions,' he remarked. Echoing this sentiment, Topline Securities reported that the local bourse opened 'with a bang' as investors cheered the breakthrough truce. As the bullish momentum intensified, the session witnessed a historic moment when the KSE-30 index hit its upper circuit breaker, an exceptionally rare event that electrified the trading floor and added to the sense of euphoria gripping the market. The ready market turnover witnessed an impressive rise, with traded volume jumping to 804.77 million shares, valued at over Rs 37.61 billion, a significant leap from the previous session's 595.01 million shares and Rs 23.48 billion in value. The market capitalization witnessed an expansion of over Rs 714.57 billion to 14.778 Trillion on Tuesday from 14.063 trillion on Monday, reflecting renewed foreign and institutional interest amid improving indicators and geopolitical stability. Among the standout performers in the ready market were WorldCall Telecom with 65.35 million shares traded with closing price of Rs 1.46, followed by K-Electric at 54.3 million shares and closing rate Rs 5.24, and Cnergyico PK with 37.88 million shares, closed at Rs 7.16. In terms of price movement, PIA Holding Company Limited led the charge with a remarkable increase of Rs 1,003.85 per share, closing at Rs 11,042.30, followed by Unilever Pakistan Foods Limited, which gained Rs 721.43 to settle at Rs 23,621.43 per share. Conversely, Faisal Spinning Mills Limited's share decreased by Rs 20.17 and settled at Rs. 315 while Tandlianwala Sugar Mills Limited shares were also saw a decline of Rs 15.01 and finished at Rs 165.69. BR Automobile Assembler Index gained 934.56 points or 4.82 percent to close at 20,320.11 points, with a turnover of 4.94 million shares. BR Cement Index climbed 844.45 points or 8.79 percent, settling at 10,450.86 points on 66.96 million shares. BR Commercial Banks Index closed at 32,563.16 points, up 1,251.54 points or 4 percent, with 70.93 million shares traded. BR Power Generation & Distribution Index rose 925.34 points or 4.71 percent to 20,572.20 points on a turnover of 63.52 million shares. BR Oil & Gas Index settled at 11,763.14 points, adding 685.36 points or 6.19 percent, with 65.98 million shares changing hands. Lastly, BR Technology & Communication Index jumped 206.30 points or 7.93 percent to 2,806.75 points on the turnover of 107.37 million shares. According to JS Global, the PSX experienced a powerful buying spree immediately after US President's announcement of the ceasefire between Iran and Israel. Just seconds after the market halt ended, the KSE-100 Index surged by more than 6,500 points, igniting widespread euphoria and bullish sentiment that dominated the entire session. Copyright Business Recorder, 2025
Arab News
19-06-2025
- Business
- Arab News
Five groups submit qualification documents in Pakistan's renewed push to privatize PIA
KARACHI: Pakistan has received qualification documents from five investor groups seeking to acquire a controlling stake in its loss-making national carrier, the Privatization Commission said on Thursday, as the government advances a long-delayed divestment plan. The privatization of state-owned entities has been mandated by the International Monetary Fund (IMF) as Pakistan works to implement structural reforms and stabilize its economy, which has recently shown signs of macroeconomic improvement. Pakistan International Airlines (PIA), in particular, has survived for years on government bailouts, placing further strain on the country's already cash-strapped finances. The government invited expressions of interest in April for a stake ranging from 51 percent to 100 percent in Pakistan International Airlines Corporation Limited (PIACL), along with management control. The final deadline for submitting Statements of Qualification (SOQs) was today. 'The Privatization Commission received Expression of Interest (EOI) from ... eight interested parties,' the official statement said, adding that 'five interested parties submitted SOQs by the deadline today.' Among the groups that submitted documents are a consortium comprising Lucky Cement, Hub Power Holdings, Kohat Cement, and Metro Ventures; a consortium led by Arif Habib Corporation with Fatima Fertilizer, City Schools and Lake City Holdings; Air Blue Limited; Fauji Fertilizer Company Limited, which is a military-backed firm; and a consortium including Serene Air, Augment Securities, Bahria Foundation, Mega C&S Holding and Equitas. The government had previously attempted to privatize PIA in 2024 but called off the process after receiving a single bid of Rs10 billion ($36 million) from Blue World City — far below the Rs85 billion ($305 million) floor price. The sale was scrapped, citing the airline's weak financial position and unattractive terms for buyers. PIA has long been a fiscal liability, with operational earnings repeatedly offset by heavy debt servicing. However, following restructuring, it reported an operating profit of Rs9.3 billion ($33.1 million) in April, its first in 21 years. 'The SOQs submitted by the parties will be evaluated by the Privatization Commission against the prequalification criteria,' the official statement informed. 'The prequalified parties will proceed to the next stage where they will be given access to the virtual data room to undertake buy-side due diligence.'
Business Recorder
19-06-2025
- Business
- Business Recorder
PSX ends with significant downturn
KARACHI: The Pakistan Stock Exchange (PSX) concluded its trading session on Wednesday with a significant downturn, reflecting an intensifying bearish trend that saw all key benchmark indices finish deep in the red. The benchmark KSE100 Index recorded a substantial decline of 1,505.11 points or 1.23 percent, to settle at 120,466 points. This marks a sharper retreat compared to yesterday's 0.21 percent loss. Throughout the day, the index navigated a volatile range, peaking at 121,905.50 points before finding its intraday low at 120,418 points. On Wednesday, BRIndex100 closed at 12,977.46 points, down by 141.94 points or 1.08 percent, with a total volume of 476.34 million shares. BRIndex30 closed at 37,255.87 points, a decrease of 727.23 points or 1.91 percent, with a total volume of 297.43 million. 'Weak global equities, a falling rupee, and persistent concerns over the economic outlook triggered panic selling at the PSX,' said Ahsan Mehanti, Director at Arif Habib Corporation. Stocks fell across the board on Wednesday, as elevated Middle East tensions and investor concerns over a dismal $103 million current account deficit for May 2025 — driven by surging imports — further dampened investor sentiment. The combination of external pressures and weak macroeconomic indicators played a catalyst role in dragging the market lower. Trading activity saw a notable contraction across all segments compared to the previous day, indicating reduced investor participation amid the prevailing apprehensions. Total turnover in the Ready Market declined sharply to approximately 707.30 million shares, a substantial drop from yesterday's 1.15 billion shares. Concurrently, the traded value in the Ready Market also decreased to approximately Rs 21.27 billion from Rs 27.98 billion. The overall market capitalization experienced a significant contraction of approximately Rs 170.35 billion, shrinking from Rs 14.780 trillion yesterday to Rs 14.610 trillion today. Among the top companies by turnover in the Ready Market, WorldCall Telecom once again led the charge with a substantial 110.91 million shares traded, closing at Rs 1.50. Prud Mod. Ist followed with 51.71 million shares that closed at Rs 4.61, and Pervez Ahmed Co saw 41.07 million shares change hands and finished at Rs 3.15. In terms of price movements, Macter International Limited surged by Rs 46.72 to close at Rs 513.90, and Hinopak Motors Limited gained Rs 41.00 to finish at Rs 451.03. On the losing end, PIA Holding Company Limited experienced a sharp decline of Rs 1,530.02, settling at Rs 13770.15, while Unilever Pakistan Foods Limited dropped by Rs 211.00 to close at Rs 22,989.00. The market breadth overwhelmingly skewed towards the negative, signalling widespread selling pressure. In the Ready Market, a mere 102 companies advanced, while a significant 327 declined and 41 remained unchanged out of the total 470 traded entities. The BR Automobile Assembler Index closed at 20,468.16, marking a negative change of 308.15 points or 1.48 percent, with a total turnover of 3.97 million shares. The BR Cement Index concluded at 10,241.72 points, down by 132.91 points or 1.28 percent, and recorded a total turnover of 33.43 million. Meanwhile, the BR Commercial Banks Index while experiencing a decrease of 356.49 points or 0.97 percent finished at 36,512.82 points, with a total turnover of 50.65 million. The BR Power Generation and Distribution Index closed at 20,846.64, reflecting a negative change of 565.63 points or 2.64 percent, and a total turnover of 13.45 million. The BR Oil and Gas Index ended at 11,550.92, declining by 175.32 points or 1.5 percent, with a total turnover of 51.91 million. Lastly, the BR Technology & Communication Index closed at 2,864.30, showing a decrease of 82.49 points or 2.8 percent, and a total turnover of 138.95 million. In its commentary, the Topline Securities cited that the PSX endured a lacklustre trading session on Wednesday, mirroring the nervous sentiment across global markets. It said that rising geopolitical tensions, particularly the escalating standoff between Iran and Israel, weighed heavily on investor confidence. The atmosphere of uncertainty prompted a risk-averse approach, leaving the market directionless for most of the day. Copyright Business Recorder, 2025
Business Recorder
16-06-2025
- Business
- Business Recorder
PSX nudges up
KARACHI: The Pakistan Stock Exchange (PSX) concluded Monday's trading session with a mixed performance across its indices, reflecting a nuanced market sentiment. While the benchmark KSE-100 Index managed a modest gain, broader market activity indicated a tug-of-war between bullish and bearish forces. The KSE-100 Index registered a fractional gain of 81.79 points, or 0.07 percent, to close at 122,225.36 points, up from its previous close of 122,143.57 points. It touched an intraday high of 122,903.34 points before paring some gains. On Monday, BRIndex100 closed at 13,105.34 points, up 68.08 points or 0.52 percent higher than its previous close. Total volume was 958.399 million shares. Meanwhile, BRIndex30 closed at 37,995.17 points, which was 268.88 points or 0.71 percent higher than its previous close. Total volume remained 591.865 million shares. According to Ahsan Mehanti of Arif Habib Corporation, the PSX's positive close was driven by several factors. Stocks advanced despite geopolitical risks, fueled by speculation over the State Bank of Pakistan's (SBP) policy announcement expected later on Monday. Furthermore, high trade volumes amidst market consolidation, a recovery in global equities, and upbeat FY26 projections from the IMF regarding privatization and GDP growth, alongside the federal Public Sector Development Program (PSDP) in the Federal Budget FY26, all played a catalytic role. Total Ready Market turnover for the day stood at 1.224 billion shares, an increase from the previous session's 968.346 million shares. However, the traded value in the Ready Market saw a decline to Rs 25.75 billion from Rs 29.55 billion on the prior day, indicating a lower average price per share traded despite increased volume. The market capitalization notably increased to Rs 14.802 trillion from Rs 14.748 trillion, an uplift of Rs 54.179 billion. Market breadth in the Ready Market remained positive, with 282 companies advancing against 159 declining, while 30 remained unchanged out of a total of 471 traded scrips. This suggests a tilt towards gainers despite the overall modest index performance. On Monday, WorldCall Telecom led the turnover charts with 267.081 million shares changing hands, closing at Rs 1.62. Other active scrips included Pervez Ahmed Co., which saw 92.03 million shares traded and ended at Rs 3.93. Meanwhile, Ist. Capital Sec also saw significant trading activity with over 86 million shares traded, closing higher at Rs 3.85. Among the top gainers, Macter International Limited surged by Rs 38.61 to close at Rs 424.71, and Blessed Textiles Limited increased by Rs 26.89 to Rs 304.91. Conversely, PIA Holding Company LimitedB experienced a notable decrease of Rs 1,888.91, closing at Rs 17,000.19, and Khyber Textile Mills Limited saw a decline of Rs 179.45 to Rs 1,615.10. The BR Automobile Assembler Index closed at 20,796.37 points, registering a negative change of 0.09 percent, with a total turnover of 9.432 million shares. Similarly, the BR Cement Index saw a decline of 70.09 points or 0.67 percent, settling at 10,438.92 points, with 88.206 million shares traded. The BR Power Generation and Distribution Index also experienced a significant dip, falling by 410.53 points or 1.84 percent to 21,945.16 points, on a turnover of 28.033 million shares. Conversely, the BR Commercial Banks Index gained 325.37 points or 0.89 percent, closing at 36,742.67 points, with a turnover of 40.802 million shares. The BR Oil and Gas Index also advanced by 100.71 points or 0.87 percent, reaching 11,711.61 points, as 54.234 million shares changed hands. Leading the positive change was the BR Technology & Communication Index, which climbed 30.13 points or 1.04 percent to close at 2,933.12 points, and recorded a turnover of 342.234 million shares. The day's trading reflected selective buying interest in certain sectors, indicating that investors are keenly evaluating specific company fundamentals amidst the broader economic indicators and the prevailing geopolitical climate. In its commentary, JS Global cited that the market opened on a positive note but failed to sustain momentum. It eventually closed at 122,225 points, as profit-taking emerged later in the session. Trading activity was dominated by small-cap stocks, reflecting short-term speculative interest. Risk management remains key amid geopolitical uncertainty and macro developments, it added. Copyright Business Recorder, 2025
